Course Objectives
Accounting for Non-Accountants
Course Methodology
This course uses a mix of interactive techniques, such as brief presentations by the consultant and the participants, in addition to demonstrating theoretical core accounting topics. The course also features real-life case studies that are discussed, solved and presented by participants.
Course Objectives
By the end of the course, participants will be able to:
Define accounting and the accounting cycle
Identify the major rules and principles of accounting under the International Financial Reporting Standards (IFRS)
Demonstrate knowledge of the basic accounting equation, double-entry bookkeeping, and the new automated accounting systems
List the key financial statements (balance sheet, income statement, changes in shareholders’ equity and cash flow statement) and their components
Practice financial statements’ adjustments at month and year-end
Target Audience
Managers, supervisors and staff from any function including the accounting department who need to improve their understanding, application and techniques of the language of numbers.
Target Competencies
Accounting for business transactions
Preparing income statements
Interpreting balance sheets
Analyzing cash flow statements
Preparing adjustment entries
Using debits and credits
Applying international financial reporting standards
Course Outline
Introducing accounting and financial statements
Definition of accounting
Users of accounting information
Basic financial statements
The corporation defined
Presentation of accounting information by different business entities
International financial reporting standards
The International Accounting Standards Board (IASB)
Introduction to IFRS
Main differences between IFRS and US Generally Accepted Accounting Principles (GAAP)
Double-entry accounting
The accounting equation
Traditional double-entry bookkeeping
Your asset is his liability
The chart of accounts
The general journal
The general ledger
The trial balance
Modern bookkeeping: automating transactions
Income statements
Defining the income statement
Defining revenue and its recognition
Defining expenditures and their classifications
Calculating profit
Gross profit
Operating profit
Net profit
The income statement illustrated
Net equity
Defining capital stock
Dividends are not an expense
Cash dividends, stock dividends and stock split
Definition of treasury stock
Retained earnings - not the same as cash
The balance sheet and its components
Defining the balance sheet
Assets
Liabilities
Equity
Current versus non-current assets and liabilities
The balance sheet illustrated
Cash flow statement
Defining the statement of cash flows
Cash and cash equivalents
Classification of cash flows
Operating activities
Investing activities
Financing activities
The cash flow statement illustrated
Adjustments to financial statements
The accrual concepts
Accruals and prepayments
Depreciation
Bad debts
Provisions for contingencies
Introducing accounting and financial statements
Definition of accounting
Users of accounting information
Basic financial statements
The corporation defined
Presentation of accounting information by different business entities
International financial reporting standards
The International Accounting Standards Board (IASB)
Introduction to IFRS
Main differences between IFRS and US Generally Accepted Accounting Principles (GAAP)
Double-entry accounting
The accounting equation
Traditional double-entry bookkeeping
Your asset is his liability
The chart of accounts
The general journal
The general ledger
The trial balance
Modern bookkeeping: automating transactions
Income statements
Defining the income statement
Defining revenue and its recognition
Defining expenditures and their classifications
Calculating profit
Gross profit
Operating profit
Net profit
The income statement illustrated
Net equity
Defining capital stock
Dividends are not an expense
Cash dividends, stock dividends and stock split
Definition of treasury stock
Retained earnings - not the same as cash
The balance sheet and its components
Defining the balance sheet
Assets
Liabilities
Equity
Current versus non-current assets and liabilities
The balance sheet illustrated
Cash flow statement
Defining the statement of cash flows
Cash and cash equivalents
Classification of cash flows
Operating activities
Investing activities
Financing activities
The cash flow statement illustrated
Adjustments to financial statements
The accrual concepts
Accruals and prepayments
Depreciation
Bad debts
Provisions for contingencies